The invention discloses a multi-element negative material magnesium alloy and a preparation method thereof. The multi-element negative material magnesium alloy comprises the following components in percentage by mass: 4-8% of Al, 3-7% of Pb, 0.2-0.4% of Mn, 0.5-1.0% of Zn, 0.6-1.0% of In, 0.8-4.0% of Ga, 0.7-1.7% of Hg, 0.1-0.3% of Ce and the balance Mg. The preparation method comprises the steps that (1) an Mg-Hg intermediate alloy is prepared; (2) the Al, Pb, Mn, Zn, In, Ga, Mg-Hg intermediate alloy and Ce are sequentially added into Mg melt to be stirred and smelted, and heat preservation and still standing are conducted; and (3) semi-continuous casting, homogenizing annealing, hot extrusion breakdown and hot rolling are carried out, and the alloy is obtained. The multi-element negative material magnesium alloy is high in activity, resistant to polarization, high in voltage platform, short in activation time and long in discharge time. The method is simple, low in cost and suitable for industrial production.